TheCable

Shareholders of the African Export-Import Bank (Afreximbank) have reappointed Benedict Oramah as president of the pan-African multilateral financial institution for a second term.

This means that Oramah, who was first elected in 2015, will get another five years in office.

The decision was announced during the Afreximbank’s 27th annual general meeting that held in Cairo on Sunday.

In his acceptance speech, Oramah said the bank’s ultimate goal under his second term of office is the realisation of Africa’s strategic ambition to create an integrated market.

“We want an Africa where the foundations of the African Continental Free Trade Agreement (AfCFTA) are laid expeditiously so that the 84,000 kilometres of borders that have divided us for ages can begin to come down,” he said.

Oramah added that the AfCFTA would “drive the industrialisation of Africa, support the emergence of regional value chains, turn Africa’s creative and cultural assets into engines of growth, grow jobs for the continent’s youth, convey respect to Africans wherever they may be and better prepare the continent to compete more effectively in the global markets”.

According to the president, the bank disbursed $30 billion in support of African trade between 2015 and 2019

Of this amount, he said over $15 billion was channelled towards the promotion of intra-African trade.

“We will aim to double intra-African trade financing so that by the end of my term, it will constitute no less than 40% of the Bank’s total assets, with aggregate disbursements, on a revolving basis, over the 5 years exceeding $30 billion.”

“I make a commitment that with your support, the bank will remain well capitalised throughout my term of office and beyond.”

“We will continue our efforts to diversify sources of equity to include the markets while ensuring that the Bank’s development focus remains unchanged.”

Asides Oramah’s reappointment, Stefan-Luis Francois Nalletamby was re-elected as a director Class A shareholders and Kee Chong Li Kwong Wing as a director representing Class B shareholders.